Major steel producers interest with NINL
According to recent market reports, Tata Iron & Steel Co. (TISCO),
Jindal Iron & Steel Corp. (JISCO) and Murugappa group of South
India have shown interest in privatisation of Nilachal Ispat Nigam Ltd (NINL) in Orissa.
NINL is a joint venture company managed by a
trading company called Minerals & Metals
Trading Corp (MMTC) and Industrial Promotion & Investment Corp Ltd (IPICOL), which is owned by the Orissa government.
TISCO submitted an offer for NINL while executives of Murugappa group have visited the plant.
However, the government officials stated that they gave an opportunity to Rastriya Ispat Nigam Ltd (RINL) to take over NINL.
MMTC which expanded NINL's capacity, is not in favour of selling the plant at this stage. MMTC officials do not want to sell the plant below its value. They also expressed that the plant will draw a good price if it is privatized after completion of the second phase steel making facilities.